UK Development Finance Glossary

Working definitions of the terms you'll see on a UK development loan offer, from ratios like LTGDV and LTC through to product types, structures and lender jargon. Written for practising developers, not textbooks.

Ratios & metrics

Gross Development Value (GDV) GDV The projected aggregate sale or investment value of a development scheme on completion — the figure every development lender underwrites against.
Loan to Gross Development Value (LTGDV) LTGDV The size of a development loan expressed as a percentage of the projected value of the finished scheme — not the value today.

Product types

Mezzanine Finance Mezz Junior debt that sits behind senior development debt in the capital stack, repaid from project profit — more expensive than senior, cheaper than pure equity.